Property/casualty insurance is insurance on homes, cars, and businesses. Technically, property insurance protects a person or business with an interest in physical property against its loss or the loss of its income-producing abilities. Casualty insurance mainly protects a person or business against legal liability for losses caused by injury to other people or damage to the property of others. Insurances are provided for the assets.
Commercial Lines
• automobile
• businessowners (property and liability combined for smaller commercial customers)
• capital assets (output policy)
• crime and fidelity
• electronic commerce
• employment-related practices liability
• equipment breakdown (formerly boiler and machinery)
• farm
• financial institutions
• general liability
• inland marine (diverse commercial goods and properties)
• management protection
• market segments
• medical-professional liability
• package policies (property and liability combined)
• workers compensation
Personal Lines
• automobile
• dwelling property
• homeowners (property and liability combined)
• inland marine (diverse personal goods)
EXAMPLE OF SERVICE OF A COMPANY(ISO)
ISO is the property/casualty insurance industry's leading supplier of statistical, actuarial, underwriting, and claims data. Our analytic and decision-support services help customers compete effectively.
• data to help insurers make independent decisions about their pricing
• statistical and actuarial services
• insurance policy language
• rules needed to write and rate insurance policies
• tools for predictive modeling and scoring of risk
• information about specific properties and communities
• claims data and other information for underwriting
• tools for identifying and preventing insurance fraud
• criminal records and other public information
• motor vehicle records and related information
• information for marketing, loss control, and premium audit
• advanced statistical modeling systems to help customers assess and manage the risk of natural and man-made catastrophes
• tools to help insurers identify and correct rating errors
• tools for estimating property replacement costs and repair costs
• risk consulting services
• specialized consulting, claims-management, and litigation-support services
• rate-quote, underwriting, and policy-management systems for all commercial and personal lines insurance
Helping Insurers To Price Their Products
Pricing insurance is difficult. Unlike most businesses, an insurance company can't set its prices based on known costs for production and distribution. Instead, an insurer needs to project the costs of future claims by examining historical data. The process is reliable only when the insurer uses a sufficient amount of accurate data.
Every year insurance companies on hundreds of millions of policies — including the premiums the companies collect and the losses they pay.
Summaries of that information to insurance regulators — as required by law — to help the regulators evaluate the price of insurance in each state is submitted.Information in the database to prepare products and services that help insurers compete in the marketplace is stored. And a wealth of related products and services, including standardized policy language, rating and underwriting rules, and site surveys of individual properties is used.
As in all forms of statistical analysis, a large and consistent data sample allows more accurate predictions than a smaller sample. With a broad aggregate database, predicting losses should be — and usually is — more accurate than with the data of any single insurance company.
A huge and flexible database provides all the information to insurers and regulators need for their need. Technically sophisticated products are made to help insurers and their agents to compete vigorously. And economies of scale and efficiencies of operation of a company to help the industry keep expenses under control. So, activities of that insurance company gives benefit to all participants in the insurance marketplace — insurers, agents, regulators, and consumers.
Estimates of Replacement and Repair Costs
A broad range of products and services designed to help insurers, agents, contractors, and others estimate the cost of replacing or repairing buildings and their contents is provided. The product mix can include
• underwriting and insurance-to-value products
• claims products
• management and workflow products.
These can be understood in a better way if we will use an example:
Xactware® — estimating software for building and repair
ISO's sister company Xactware provides computer software for professionals involved in estimating all phases of building and repair.
In 1986, Xactware opened for business with its flagship estimating system, Xactimate®. Xactimate helps contractors and insurance adjusters estimate the cost of repairs and reconstruction faster and more accurately than ever before.
Since then, Xactimate has evolved into a high-powered package complete with a patented plan-sketching program. Eighty percent of insurance repair contractors and 15 of the top 20 property insurers use Xactimate to determine the cost of repairs.
Today Xactware offers a wide variety of software and systems for estimating and management.
360Value™
360Value provides reliable replacement-cost estimates — an essential component in all underwriting decisions for residential, commercial, and farm policies. These reliable replacement-cost estimates help property insurers improve their loss ratios, streamline underwriting workflows, and enhance agent and customer satisfaction. 360Value offers a comprehensive set of features, including: calculation using the actual components; minimal required fields for valuation; single user interface for all valuations; in-force policy portfolio analysis; anytime, anywherEstimated Replacement Cost Report e access; and hands-free maintenance.
SPI Plus® Estimated Replacement Cost Report
For commercial properties, ISO's gives you a quick, low-cost estimate of the replacement value of any building in the Specific Property Information (SPI Plus®) database. The report will improve your ability to charge premiums appropriate to your risk and help you protect your customers with adequate policy limits.
Claims Information and Tools to Fight Fraud:
Claim Search — The property/casualty insurance industry's first and only comprehensive system for improving claims processing and fighting fraud. Each year, participating insurers and other organizations submit tens of millions of reports on individual insurance claims. Companies stores those reports in a single database that helps insurers, self-insureds, law enforcement agencies, and governmental fraud bureaus detect and prevent fraud and process meritorious claims.
Internet interface lets users conduct broad and flexible searches of the data. And few companies sells visualization software to help investigators find and visually represent hidden relationships, such as parties linked to multiple addresses, telephone numbers, vehicles, or claims. Such relationships can be the fingerprint of fraud.
Automobile-Property Loss Underwriting Service (A-PLUSTM) — the most complete property and liability claims database designed for personal and commercial insurance underwriters is also maintained. With A-PLUS, users can independently evaluate the potential underwriting profitability of individual business and personal risks and risk locations.
And Outcome Advisor® (COATM) is an expert system that helps users manage bodily injury and workers compensation claims. For bodily injury cases, the system produces accurate and consistent loss estimates covering a wide range of damages. For workers comp, COA helps develop the optimal return-to-work plan for each individual. COA provides data for active claims management and documents to facilitate communication among all the parties to a claim.
These are the names of the Property casualty Insurance companies who are working across the globe:
Commercial Lines
• automobile
• businessowners (property and liability combined for smaller commercial customers)
• capital assets (output policy)
• crime and fidelity
• electronic commerce
• employment-related practices liability
• equipment breakdown (formerly boiler and machinery)
• farm
• financial institutions
• general liability
• inland marine (diverse commercial goods and properties)
• management protection
• market segments
• medical-professional liability
• package policies (property and liability combined)
• workers compensation
Personal Lines
• automobile
• dwelling property
• homeowners (property and liability combined)
• inland marine (diverse personal goods)
EXAMPLE OF SERVICE OF A COMPANY(ISO)
ISO is the property/casualty insurance industry's leading supplier of statistical, actuarial, underwriting, and claims data. Our analytic and decision-support services help customers compete effectively.
• data to help insurers make independent decisions about their pricing
• statistical and actuarial services
• insurance policy language
• rules needed to write and rate insurance policies
• tools for predictive modeling and scoring of risk
• information about specific properties and communities
• claims data and other information for underwriting
• tools for identifying and preventing insurance fraud
• criminal records and other public information
• motor vehicle records and related information
• information for marketing, loss control, and premium audit
• advanced statistical modeling systems to help customers assess and manage the risk of natural and man-made catastrophes
• tools to help insurers identify and correct rating errors
• tools for estimating property replacement costs and repair costs
• risk consulting services
• specialized consulting, claims-management, and litigation-support services
• rate-quote, underwriting, and policy-management systems for all commercial and personal lines insurance
Helping Insurers To Price Their Products
Pricing insurance is difficult. Unlike most businesses, an insurance company can't set its prices based on known costs for production and distribution. Instead, an insurer needs to project the costs of future claims by examining historical data. The process is reliable only when the insurer uses a sufficient amount of accurate data.
Every year insurance companies on hundreds of millions of policies — including the premiums the companies collect and the losses they pay.
Summaries of that information to insurance regulators — as required by law — to help the regulators evaluate the price of insurance in each state is submitted.Information in the database to prepare products and services that help insurers compete in the marketplace is stored. And a wealth of related products and services, including standardized policy language, rating and underwriting rules, and site surveys of individual properties is used.
As in all forms of statistical analysis, a large and consistent data sample allows more accurate predictions than a smaller sample. With a broad aggregate database, predicting losses should be — and usually is — more accurate than with the data of any single insurance company.
A huge and flexible database provides all the information to insurers and regulators need for their need. Technically sophisticated products are made to help insurers and their agents to compete vigorously. And economies of scale and efficiencies of operation of a company to help the industry keep expenses under control. So, activities of that insurance company gives benefit to all participants in the insurance marketplace — insurers, agents, regulators, and consumers.
Estimates of Replacement and Repair Costs
A broad range of products and services designed to help insurers, agents, contractors, and others estimate the cost of replacing or repairing buildings and their contents is provided. The product mix can include
• underwriting and insurance-to-value products
• claims products
• management and workflow products.
These can be understood in a better way if we will use an example:
Xactware® — estimating software for building and repair
ISO's sister company Xactware provides computer software for professionals involved in estimating all phases of building and repair.
In 1986, Xactware opened for business with its flagship estimating system, Xactimate®. Xactimate helps contractors and insurance adjusters estimate the cost of repairs and reconstruction faster and more accurately than ever before.
Since then, Xactimate has evolved into a high-powered package complete with a patented plan-sketching program. Eighty percent of insurance repair contractors and 15 of the top 20 property insurers use Xactimate to determine the cost of repairs.
Today Xactware offers a wide variety of software and systems for estimating and management.
360Value™
360Value provides reliable replacement-cost estimates — an essential component in all underwriting decisions for residential, commercial, and farm policies. These reliable replacement-cost estimates help property insurers improve their loss ratios, streamline underwriting workflows, and enhance agent and customer satisfaction. 360Value offers a comprehensive set of features, including: calculation using the actual components; minimal required fields for valuation; single user interface for all valuations; in-force policy portfolio analysis; anytime, anywherEstimated Replacement Cost Report e access; and hands-free maintenance.
SPI Plus® Estimated Replacement Cost Report
For commercial properties, ISO's gives you a quick, low-cost estimate of the replacement value of any building in the Specific Property Information (SPI Plus®) database. The report will improve your ability to charge premiums appropriate to your risk and help you protect your customers with adequate policy limits.
Claims Information and Tools to Fight Fraud:
Claim Search — The property/casualty insurance industry's first and only comprehensive system for improving claims processing and fighting fraud. Each year, participating insurers and other organizations submit tens of millions of reports on individual insurance claims. Companies stores those reports in a single database that helps insurers, self-insureds, law enforcement agencies, and governmental fraud bureaus detect and prevent fraud and process meritorious claims.
Internet interface lets users conduct broad and flexible searches of the data. And few companies sells visualization software to help investigators find and visually represent hidden relationships, such as parties linked to multiple addresses, telephone numbers, vehicles, or claims. Such relationships can be the fingerprint of fraud.
Automobile-Property Loss Underwriting Service (A-PLUSTM) — the most complete property and liability claims database designed for personal and commercial insurance underwriters is also maintained. With A-PLUS, users can independently evaluate the potential underwriting profitability of individual business and personal risks and risk locations.
And Outcome Advisor® (COATM) is an expert system that helps users manage bodily injury and workers compensation claims. For bodily injury cases, the system produces accurate and consistent loss estimates covering a wide range of damages. For workers comp, COA helps develop the optimal return-to-work plan for each individual. COA provides data for active claims management and documents to facilitate communication among all the parties to a claim.
These are the names of the Property casualty Insurance companies who are working across the globe:
- 21st Century Holding Company [TCHC]
- ACE INA Holdings Inc.
- ACE Limited [ACE]
- ACE USA
- Acuity, A Mutual Insurance Company
- Affirmative Insurance Holdings, Inc. [AFFM]
- Alea Group Holdings (Bermuda) Ltd.
- Alfa Corporation
- Alleanza Toro SpA
- Alleghany Corporation [Y]
- Allianz Belgium s.a.
- Allianz Engineering
- Allianz Insurance Company Guangzhou Branch
- Allianz Insurance plc
- Allianz pojistovna, a.s.
- ALLIED Group, Inc.
- Allied Solutions, LLC
- Allied World Assurance Company Holdings, Ltd [AWH]
- American Family Insurance Group
- American Farmers & Ranchers Mutual Insurance Company
- American Financial Group, Inc. [AFG]
- American International Group, Inc. [AIG]
- American National Property And Casualty Company
- American Physicians Capital, Inc. [ACAP]
- American Physicians Service Group, Inc. [AMPH]
- American Safety Insurance Holdings, Ltd. [ASI]
- AMERISAFE, Inc. [AMSF]
- Amica Mutual Insurance Company
- Amlin plc
- AmTrust Financial Services, Inc. [AFSI]
- Arch Capital Group Ltd. [ACGL]
- Argo Group International Holdings, Ltd. [AGII]
- Arrowpoint Capital Corporation
- Badger Mutual Insurance Company
- Bajaj Allianz General Insurance Co., Ltd.
- Balboa Insurance Group, Inc.
- Baldwin & Lyons, Inc. [BWINB]
- Bancinsurance Corporation [BCIS.OB]
- Bankers Financial Corporation
- BDML Connect Limited
- Beazley Group Limited
- Brotherhood Mutual Insurance Company
- California Casualty Group
- CC Services Inc.
- Central Mutual Insurance Company
- Chaucer Holdings PLC
- China Pacific Property Insurance Co., Ltd.
- Church Mutual Insurance Company
- Churchill Insurance Company Limited
- Cincinnati Financial Corporation [CINF]
- Citizens Property Insurance Corporation
- Clarendon Insurance Group
- CNA Financial Corporation [CNA]
- Cornhill Direct
- Cotton States Life Insurance Company
- Talanx AG
- Tenet Insurance Company Ltd
- Tennessee Farmers Insurance Companies
- Tennessee Farmers Mutual Insurance Company
- Texas Municipal League Intergovernmental Risk Pool
- Texas Windstorm Insurance Association
- The Allstate Corporation [ALL]
- The Chubb Corporation [CB]
- The Concord Group Insurance Companies
- The Economical Insurance Group
- The Fuji Fire and Marine Insurance Company, Limited
- The Graham Company
- The Hanover Insurance Company
- The Hanover Insurance Group, Inc. [THG]
- The Hartford Financial Services Group, Inc. [HIG]
- The ICW Group
- The Motorists Insurance Group
- The National Farmers Union Mutual Insurance Society Limited
- The National Security Group, Inc. [NSEC]
- The Navigators Group, Inc. [NAVG]
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